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2015 (11) TMI 283 - HC - Income TaxAuthorization issued u/s 132A - silver ornaments weighing 228.140 KG came to be seized - Held that:- It is apparent that the silver ornaments weighing 228.140 KG came to be seized by the respondent authorities in exercise of powers under section 132A of the Income Tax Act, 1961 in the financial year 2011- 2012. Thereafter, the assessment came to be framed by the Assessing Officer of the petitioner at Varanasi for assessment year 2012-13, whereby after taking note of such seizure made by the authorities at Surat, the return as filed by the petitioner came to be accepted without making any addition on account of such seizure. In the aforesaid premises, the respondent authorities are no longer authorized to continue with such seizure made by them under section 132A of the Act. Under the circumstances, without entering into the merits of the validity of the authorization issued under section 132A of the Act, this court is of the opinion that in view of the assessment orders made in the case of the petitioner, the respondent authorities can no longer continue with the seizure of the ornaments in question and the same are required to forthwith be returned to the petitioner. For the foregoing reasons, the petition partly succeeds and is, accordingly, allowed to the following extent : The respondent authorities are directed to forthwith hand over the seized silver ornaments to the petitioner within a period of four weeks from today, in accordance with the provisions of section 132A of the Income Tax Act, 1961.
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